In a Statistics Class with 136 Students,the Professor Records How

question 18

Multiple Choice

In a statistics class with 136 students,the professor records how much money each student has in their possession during the first class of the semester.The histogram shown below represents the data he collected. What is approximately the number of students with $30 or more in their possession?

• A)Less than 5
• B)About 10
• C)About 30
• D)More than 100

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Definitions:

Long-run Marginal Cost

The change in total cost when producing one additional unit of a product or service in the long term, where all inputs are considered variable.

Economies of Scale

Enterprises gain cost benefits from their operation size, as the cost for each unit produced typically drops when the scale enlarges because fixed expenses are distributed across a greater number of output units.

Efficient Scale

The level of production at which a firm can produce its product at the lowest average cost per unit.

Economies of Scale

Economies of scale describe the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.